Major Corporations That Survived Bankruptcy – Groce & DeArmon
Filing bankruptcy is certainly not limited to personal finances. There are countless examples of major companies and corporations that have had to ultimately close their doors due to bankruptcy. But, as an experienced law firm, Groce & DeArmon’s bankruptcy lawyers and attorneys know that there are a few examples that aren’t quite as “doom and gloom”.
These are some example of companies that have managed to bounce back from bankruptcy and undergo effective course correction. If you’re looking for guidance for your own debt issues, Groce & DeArmon is here to help you. Groce & DeArmon is an experienced, professional and understanding law firm that has helped countless people through the bankruptcy process.
By 2009, US car manufacturer General Motors had been dealing with years of falling profits. The drop off became sharp enough that by the end of the first decade of the 21st century, compounded by the global recession that hit a swathe of industries, GM was forced to declare bankruptcy. The filing lead to a major shakeup within the company, and in the years since they have rebounded back to being one of the leaders in the US motor industry.
Another victim of the 2008-2009 financial crash, Chrysler was forced to file bankruptcy along with General Motors. Just like GM, Chrysler had been a stalwart in the American motor industry and was one of the first to suffer as part of the collapse. Following a government bailout and a deal with Fiat, Chrysler has since recovered and seen healthy growth ever since.
MacBooks, iPads, and iPhones are part of the fabric of modern technology these days, so it may be hard to believe that, in 1997, Apple was forced to file bankruptcy. The company was partially saved by an investment from its rival, Microsoft, and the company would subsequently reinvent itself under the guidance of Steve Jobs.
The iPod, introduced in 2001, took the tech world by storm, and Apple has remained a software and hardware powerhouse ever since.
Superhero movies are now an industry in and of themselves, and Marvel heroes, in particular, currently lead with an entire shared cinematic universe that includes juggernaut blockbusters like The Avengers, Guardians of the Galaxy and, most recently, Spider-Man: Homecoming. But in 1996, superhero movies remained something of a Hollywood joke, and Marvel, in particular, was suffering heavy losses from a lack of interest in their comic book characters.
In 1996, Marvel Entertainment filed for bankruptcy, but the sale of some tentpole properties – Blade, X-Men, and Spiderman – led to Marvel being able to release movies under their own banner. Beginning with Iron Man in 2008, the shared Marvel cinematic universe continues to dominate the box office.
Groce & DeArmon and New Starts
At Groce & DeArmon, we believe that if a major company with complex finances can rebound from having to file bankruptcy, then our clients are more than capable of doing it too. If you’re in need of help, whether you’re filing for Chapter 7 or Chapter 13 bankruptcy, contact a bankruptcy lawyer at Groce & DeArmon for a free consultation.